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Turkey betting on the export to Iraq
2012-10-28 15:51:50
BAGHDAD (Iba) / follow-up / .. foreign trade is already the main driver of the Turkish economy, as confirmed by Passaic أرديم, and Iraq could replace Germany as the largest export market for the country over the next year.
Passaic pledged that Ankara would not let the deficit in the current account transactions out of control never again. While last year, the percentage deficit of 10 per cent of GDP, and said that from now on will allow Turkey to accelerate domestic demand only if there were further increases in exports.
As far as continued growth in exports we can allow for GDP growth side by side, where there will be no growth in the external deficit more than that - according to what he said to the Financial Times, although the slowdown inspired by the government led to lower growth of 8 per percent or more in 2011 to about 3 per cent this year, in the first eight months of this year, Turkey has exports worth $ 100 billion - higher by 13 per cent from the same period last year.
Comments Passaic highlights the growing importance of the Middle East, Russia and Africa for Turkey, in order to compensate for the low growth in the euro zone, which still accounts for about 40 per cent of Turkey's exports to the outside. This is a very dynamic development and very fast - according to the saying.
Comes despite tensions with Iraq, Prime Minister Nuri al-Maliki that Turkey is a country hostile .. However, Iran, which has sold her Ankara this year billions of dollars in gold, which is also the adverse party to Turkey on the Syrian issue.
Most of Turkey's exports to Iraq, which beat Italy - the second largest buyer of Turkish goods and services - are supplied to the Kurdistan Regional Government, which solidified relations with Ankara after years of mutual suspicion between them.
Total exports to Iraq during the first eight months of this year, about $ 6.8 billion, compared to $ six billion dollars of the total in 2010. The exports to Tehran in this period is high, it reached $ 8.5 billion, due to buying large-scale gold and carried out by Iran, where the Iranian banking sector has become stumbling more than ever because of international sanctions. This level of exports destined for Iran is not sustainable largely because of U.S. concerns and limits of gold stocks in Turkey. However Turkish turned gold exports in August to the UAE, Iran's traditional mediator, with sales estimated at two billion dollars, making the UAE the main destination for Turkish exports for this month - than eight-fold increase exports last month. Pasek said his expectations about the growth of Turkey's trade with the Middle East gold sales excluded.
His comments also indicate increased confidence Ankara manage its own economy, after the success of the state in reducing growth to unsustainable levels, without a recession we have been the first example of our success in the history of Turkey. As a result, he said, Turkey's economy $ 800 billion dollars is a different situation from other emerging markets, which have slowed in recent months.
He added that the extraordinary global liquidity unleashed to deal with financial crises, enabled the state to manage current account deficit is estimated at 7 per cent of GDP, although the long-term goal was to reduce the ratio to 5 per cent. And also achieved its goal of reducing inflation to 5 per cent, compared with the current at 9 per cent, which, he said, will allow the local capital markets long-term development and avoid the adoption of Turkish companies to foreign lenders.
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